Mr Chu owns Property Z. This property was let to Mr Ho on 1 January 2021 for a term of 3 years at a monthly rent of $10,000. Rates ($1,500 per quarter) was paid by Mr Chu. Starting from 1 February 2023, Mr Ho did not pay any rent. Mr Ho moved out from the property on 31 May 2023 and was untraceable. The property was then let to Mr Ma on 1 July 2023 for a term of 2 ½ years on the following terms: (i) initial premium: $36,000 (ii) monthly rent: $12,000 (iii) rent deposit: $12,000 (iv) management fee: $700 per month payable by Mr Ma (v) rates: $1,500 per quarter payable by Mr Chu It was agreed by the assessor that the rent owed by Mr Ho was irrecoverable after he had moved out from the property in 2023. Required: a. Compute the property tax liabilities of Mr Chu for the year of assessment 2023/24. Ignore provisional property tax. b. Advise Mr Chu the treatment of the irrecoverable rent as provided under the IRO